During the first quarter, sales of 2.7 billion cubic meters of natural gas were realized from the Leviathan reservoir, generating an operating profit of $49 million and the net profits of $28 million

The introduction of the additional transmission path to Egypt helped meet record demand in export markets, driving regional sales of 1.8 GMC in the quarter

Since the beginning of the year and until the date of publication of the report, 4.5 billion cubic meters of natural gas have been sold from the Leviathan reservoir.

TEL AVIV, Israel, May 31, 2022 /PRNewswire/ — Ratio Energies (TASE: RATI-L), which owns 15% of the Leviathan natural gas reservoir, reports its results for the first quarter of 2022. Revenues and operating profit for this quarter totaled $82 million and $49 million respectively, up 14% compared to the same quarter last year. Ratio’s net profit for the first quarter was $28 millionwhich represents an increase of 12% compared to the same quarter last year.

During the first quarter, 2.7 billion cubic meters of natural gas were sold from the Leviathan reservoir, of which 1.8 billion cubic meters were exported to Egypt and Jordan. Since the beginning of the year and until the date of publication of the report, 4.5 billion cubic meters of natural gas have been sold from the Leviathan reservoir. Sales growth was facilitated by the establishment of an additional transport route at the beginning of March between Israel and Egypt Going through Jordan

Natural gas was sold at an average price of $5.59 by MMBtu compared to $4.91 in the same quarter last year, an increase of 14% which directly affected the profit line recorded by the partnership. The increase in the average price is mainly due to a change in the sales mix in favor of exports which are affected, among other things, by oil prices. The increase in oil prices in recent months should also translate into an increase in the average price of natural gas in export markets in the second quarter of 2022.

During the quarter, drilling of the “Leviathan-8” well began, which will maximize potential volumes of gas for sale while increasing reservoir redundancy as it joins the four existing producing wells.

During this quarter, Ratio continued to maintain its strong cash balances which, at the end of the quarter, stood at $222 million, $21 million more than at the end of the previous quarter. The partnership is working to begin distributing profits to unitholders based on its financial results for 2022.

Yigal PramCEO of Ratio Energies“2022 continues the peak demand trend of the past year, resulting in another strong quarter for the ratio of sales and exports combined with an increase in the average price of natural gas.

The agreement we signed in the first quarter to open an additional natural gas transmission route to Egypt Going through Jordan has proven itself and enables us to meet the growing demand for natural gas from customers in the countries of the region, in addition to regular delivery to the local market. We believe that the Leviathan reservoir can contribute to the gas supply of European countries as part of the process of diversifying supply sources. As a result, we continue to work with Leviathan partners to select the best alternative for Stage development. 1Bwhich will allow a significant increase in the production and sales of the tank.”

Logo: https://mma.prnewswire.com/media/1777783/Ratio_Energies_Logo.jpg

SOURCE Ratio Energies Limited Partnership

About The Author

Related Posts